What Does NHST Tell Us When a "Statistically Significant" Finding

question 39

Essay

What does NHST tell us when a "statistically significant" finding is obtained?

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Definitions:

Utility Function

A mathematical representation in economics that shows the relationship between individual preferences and the consumption of goods and services.

Competitive Market

A market structure characterized by many buyers and sellers, free entry and exit, and a product for which every seller offers a similar product.

Entry Restrictions

Refers to barriers that limit the ability of new competitors to enter and compete in an industry or market.

Revenue Function

A financial formula used to calculate the total revenue generated by selling a particular quantity of goods or services.